SWX:PSPNReal Estate
PSP Swiss Property (SWX:PSPN) Stock Price Drifts As One Off Gains Cloud Earnings
PSP Swiss Property closed at CHF142.30 on Wednesday, capping a three month drift lower even as fresh Q2 numbers put eye catching profits on the table. The market reaction looks muted compared with the headline story. Net income excluding extra items reached CHF171.75m on CHF236.46m of revenue, helped by sizeable valuation gains and disposals that are hard to treat as everyday earnings power.
That tension between a rich profit print today and softer multi year forecasts is the real hinge for...